Bill Title: Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 10% of the manufacturing capital expenditures incurred by the taxpayer during the taxable year or, if the taxpayer is located in a rural or economically challenged area, 15% of the manufacturing capital expenditures. Provides that the total amount of credits awarded under those provisions may not exceed $10,000,000 for any particular taxpayer in any taxable year, except that, if the capital investment is made in a rural or economically challenged area, then the maximum amount of the credit shall be $20,000,000. Effective immediately.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-04-05 - Rule 19(a) / Re-referred to Rules Committee
[HB4864 Detail]
Bill Drafts
Revision | Date | Format | Source | View |
Introduced | 2024-02-06 | HTML/Text | Link | View |
Amendments
Amendment | Date | Disposition | Format | Source | View |
No bill amendments currently on file for Illinois HB4864 |
Supplemental Documents
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No supplemental documents for Illinois HB4864 currently on file. |
Social Comments on IL HB4864